Agenda

DRAFT REGULATION BY MASAK ON EFT, WIRE TRANSFERS, AND CASH TRANSACTIONS OPEN FOR PUBLIC CONSULTATION

04/08/2025

 

The Financial Crimes Investigation Board (“MASAK”) has prepared a new Draft General Communiqué aimed at enhancing traceability in financial transactions to combat money laundering, terrorism financing, and the informal economy. This draft communiqué seeks to strengthen compliance with both national and international obligations in line with FATF (Financial Action Task Force) standards.

Objectives of the Draft Communiqué:

  1. Ensure transparency in electronic transfers, wire transfers, and cash transactions.
  2. Increase traceability through a tiered declaration and documentation system for high-value transactions.
  3. Reinforce trust in the financial system and improve the capacity for formal registration.

Tiered Declaration System: Mandatory Disclosures Based on Transaction Amounts

Transactions between 200,000 TL and 2,000,000 TL:
The type of transaction must be declared. If a general description such as “other” or “individual payment” is provided, a minimum 20-character explanation is mandatory.

Transactions between 2,000,001 TL and 20,000,000 TL:
A Cash Transaction Declaration Form (“Form”) provided as an annex to the MASAK Communiqué must be completed. If the transaction type selected on the form is a general category such as “other” or “individual payment,” the customer must provide a minimum 20-character explanation of the transaction.

Transactions exceeding 20,000,001 TL:
The Form must be completed along with supporting documents, and the explanation of the transaction must be at least 50 characters long.

The communiqué is scheduled to enter into force on January 1, 2026. Non-compliance with the obligations outlined in the communiqué may result in administrative sanctions under Law No. 5549.

The draft is currently under development, and comments and suggestions can be submitted until August 18, 2025, via email to gorus@masak.gov.tr.

 

You may access here the MASAK Draft General Communiqué.

 

NAZALI TAX & LEGAL

info@nazali.com

This document provides general information on the subject and does not constitute a legal opinion or recommendation. Consulting a specialist is recommended before taking an action. No claim arising from the content of or relating to this document can be asserted against NAZALI.